In the first 200 days after the halving of Bitcoin BITCOIN, it was the latest to experience a mid rise, the most emotionally divided, and the most sluggish in the market. If we compare the trend of Bitcoin horizontally after the first three halvings, we will find a clear rhythm change: Shortly after the halving in 2012, it began to slowly rise and officially entered the main uptrend 300 days later; In 2016, the market fluctuated for nearly a year before breaking out of the range, and the market started around the 300th day; In 2020, it was the strongest outbreak in history, with macro level water release combined with a frenzy of funds, breaking through historical highs in less than 200 days after halving. Now, 200 days have passed since the halving of 2024, and Bitcoin is still stuck in a high volatility range, without a clear explosive rhythm like in the past. The landing of ETFs makes it legitimate for institutions to buy, but it also means that Bitcoin is shifting from a highly volatile and high-risk niche asset to a mainstream allocation product that is regulated but lacks abnormal volatility. More importantly, it is breaking free from the window period of individual investors turning their fortunes upside down. In the past bull market, delivery drivers could have saved up their capital through a single order and bet once to change their life trajectory; It can also be a tech savvy person squeezing into a rental house and using pieced together machines to mine, selling it and exchanging it for a Ferrari, thus rewriting their fate. There will be a bull market in the future, even more intense and rising higher than before. But the bull market that belonged to ordinary people may have ended.